Market Update Iowa City February 2013

After the slow start to the year in January, home sales in Iowa City are up big time in February. 38 homes sold in Iowa City in February 2013 compared to 22 in February 2012. And that’s not all the good news, there is more – 129 homes are showing as contingent or sale pending. That’s A LOT of homes under contract for this early in the year. There’s lots of buyer activity and lots of homes going under contract. If you have a house in Iowa City to sell, now is the time to list it. It looks like we’re in for a really busy spring and summer in the Iowa City real estate market this year!

homes sold in iowa city february 2013

Home sales in Iowa City – February 1 through February 28, 2013

  • 38 homes sold in Iowa City in February 2013 compared to 22 in February 2012
  • Average price for single family homes – $235,334 in February 2013 compared to $204,157 in February 2012
  • Average price for condos – $153,050 in February 2013 compared to $223,360 in February 2012
  • The absorption rate is at 4.3 months, that’s 129 days on market. (The link takes you to a post that shows how the absorption rate is calculated).
  • There are currently 313 homes showing as Active Listings on the MLS
  • 129 homes are currently showing as Contingent or Sale Pending on the MLS
  • 13 homes expired in February

As you can see from the data, the trend in the Iowa City real estate market is positive on all fronts. The number of homes contingent and pending is almost double what it was last month. The inventory of homes on the market is pretty low with only 313 homes listed as active listings on the MLS. It’s already March and spring is around the corner – If you have a house to sell, now is the time to get going and get it listed!

 

Do you have a house to sell in the Iowa City area? I’m a straight talking Realtor who knows the ins and outs of the Iowa City real estate market and knows how to get your home sold. Give me a call today and let’s talk. I promise you it will be worth your while!

 

Data pulled from the Iowa City MLS March 5, 2013

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